New York State Comptroller Thomas DiNapoli speaks during an interview with Reuters in New York, October 2010, file photo.

The pay-to-play scandals that struck the industry a few years ago are now mostly behind the private equity firms and people involved. But for some, like Gary Bland, the embattled former investment chief of the New Mexico State Investment Council, the legal wrangling is far from over.

At one time, Mr. Bland was the head of New Mexico’s $15 billion pension plan. He has since vacated that post and faces a lawsuit from his former employer, alleging he caused the pension fund to make investments for the purpose of “benefiting politically connected individuals.”

“This has pretty much destroyed my life,” Mr. Bland said. “At this stage of my life I had hoped to do some consulting work.”

Mr. Bland, who denies the allegations, says he can’t find work as he’s been blacklisted in the industry, he said. Read More »